EdTheLorax

When in doubt stay out!

FX:XAUUSD   Gold / US-Dollar
138 0 8
New opportunities every day. Chose only the trades that have the greatest chance of success. More important than making money is, keeping what you have. In this chart gold             is between the red support and green resistance. No matter how convincing an argument for a direction or pattern, they are just one possibility. Anyone who says "this will happen" does not know how to convey their idea as a potential outcome. When you enter a trade you need to have good signs that you are entering the trade in the right direction. For example if you were to buy on a break of the red or green line, you may have a %60 success rate. But if you wait not only for a break, but a retest also you may increase your rate to %80. Having a plan to exit and stick to it when the %20 manifests is more important than being right in the first place. You will be both right and wrong sometimes. When in doubt get or stay OUT!! Take a loss as quick or sooner than you would a profit. He who runs away, has funds to trade another day! Good Trading, luck is a bonus, not a requirement.
Ed TheLorax
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